NN (NNBR) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of NN (NASDAQ:NNBR) from a sell rating to a hold rating in a research report report published on Wednesday, January 3rd.

According to Zacks, “NN, Inc. is an independent manufacturer and supplier of high quality, precision steel balls and rollers to both domestic and international anti-friction bearing manufacturers. Precision steel balls and rollers are critical moving parts of anti-friction bearings used in a wide variety of automotive, industrial and other applications. NN also manufacturers a full line of precision injection molded components serving the bearing, automotive, instrumentation, fiber optic and consumer hardware markets. (PRESS RELEASE) “

A number of other analysts have also issued reports on NNBR. BidaskClub raised shares of NN from a sell rating to a hold rating in a research report on Wednesday, December 20th. KeyCorp reiterated a buy rating and set a $36.00 price target on shares of NN in a report on Sunday, September 17th. Finally, ValuEngine downgraded NN from a strong-buy rating to a buy rating in a report on Friday, December 1st. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $34.00.

Shares of NN (NNBR) traded up $1.00 on Wednesday, reaching $28.45. 143,535 shares of the company were exchanged, compared to its average volume of 107,854. The company has a quick ratio of 2.72, a current ratio of 3.16 and a debt-to-equity ratio of 1.80. NN has a 12-month low of $17.70 and a 12-month high of $32.90. The company has a market cap of $758.27, a price-to-earnings ratio of -31.26 and a beta of 0.64.

NN (NASDAQ:NNBR) last posted its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.29 EPS for the quarter, meeting analysts’ consensus estimates of $0.29. The company had revenue of $148.16 million during the quarter, compared to analyst estimates of $150.50 million. NN had a negative net margin of 1.76% and a positive return on equity of 12.72%. The business’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 earnings per share. research analysts anticipate that NN will post 1.58 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were paid a $0.07 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.98%. NN’s dividend payout ratio (DPR) is presently -30.77%.

In related news, Director David Floyd bought 1,865 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was bought at an average cost of $26.98 per share, for a total transaction of $50,317.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Thomas C. Jr. Burwell sold 2,000 shares of the business’s stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $32.00, for a total value of $64,000.00. Following the transaction, the insider now owns 35,381 shares of the company’s stock, valued at $1,132,192. The disclosure for this sale can be found here. 3.32% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NNBR. Daruma Capital Management LLC lifted its stake in NN by 144.6% in the 2nd quarter. Daruma Capital Management LLC now owns 455,904 shares of the industrial products company’s stock valued at $12,515,000 after acquiring an additional 269,507 shares in the last quarter. Jennison Associates LLC raised its stake in shares of NN by 8.8% during the 3rd quarter. Jennison Associates LLC now owns 2,222,746 shares of the industrial products company’s stock worth $64,460,000 after purchasing an additional 179,578 shares in the last quarter. Elk Creek Partners LLC raised its stake in shares of NN by 48.6% during the 3rd quarter. Elk Creek Partners LLC now owns 507,602 shares of the industrial products company’s stock worth $14,720,000 after purchasing an additional 166,092 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in shares of NN during the 2nd quarter worth approximately $3,548,000. Finally, JPMorgan Chase & Co. raised its stake in shares of NN by 130.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 143,094 shares of the industrial products company’s stock worth $3,928,000 after purchasing an additional 81,070 shares in the last quarter. Hedge funds and other institutional investors own 93.59% of the company’s stock.

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About NN

NN, Inc is a diversified industrial company and a global manufacturer of high precision components and assemblies to a range of markets on a global basis. The Company’s operating segments include: the Precision Engineered Products Group and the Autocam Precision Components Group. Precision Engineered Products Group combines materials science capability with engineering and production solutions to design and manufacture a range of high-precision metal and plastic components, assemblies and finished devices for the medical, electrical, automotive and aerospace end markets.

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